Ann Rises On Better-Than-Expected Growth; Shows Merchandise And Cost Savings Improvement

Although the retailer?s profits were down close to 94% as compared to the year ago period, air freight cost was responsible for most of the decline. Due to West Coast traffic congestion, Ann imported a fair portion of its products through air freight, which resulted in an additional cost of $8.3 million. Excluding its impact, Ann?s earnings per share was at 12 cents, reflecting a year over year increase of 20%.